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RIVERWOOD INTERNATIONAL FILES $100 MILLION SECONDARY OFFERING

 ATLANTA, Oct. 1 /PRNewswire/ -- Riverwood International Corp. (NYSE: RVW) today filed with the Securities and Exchange Commission on Form S-3 for a secondary offering by the Manville Personal Injury Settlement Trust of $37.5 million of 10.75 percent Senior Notes II due 2000 and $62.5 million of 11.25 percent Senior Subordinated Notes II due 2002, which were issued by Riverwood in 1992. As part of the registration statement, Riverwood disclosed that recent changes in U.S. federal and Australian tax regulations will require a one-time charge to earnings with an adjustment to existing balance sheet deferred tax accounts that is estimated to be approximately $5.0 million, or about $.08 per share, during the third quarter of 1993. Due to this one- time tax charge and based on preliminary information, Riverwood believes that it will report a net loss in the third quarter.
 As previously reported, Riverwood believes that its 1993 annual earnings will be significantly below 1992 levels. During the third quarter of 1993, due to the continued weakness in linerboard markets and to manage inventory levels, the company shut down its Macon, Ga. mill linerboard production for an eight-day period in each of August and SeptembD?uring the quarter, folding carton board markets continued to be weak compared to 1992 levels. In addition, during 1993 Riverwood continued to focus on market expansion and packaging machinery development for the beverage industry, resulting in higher expense levels versus 1992. As a result of these factors and based on preliminary information, earnings in the third quarter of 1993 will be below 1993 second quarter levels and will be significantly below 1992 third quarter levels, excluding the one-time deferred tax adjustment.
 Riverwood International is a global paperboard, packaging and packaging machinery company headquartered in Atlanta with 1992 annual sales of $1.1 billion, assets of $1.9 billion and 8,500 employees worldwide.
 -0- 10/1/93
 /CONTACT: Jim Caverlee (Financial), 404-644-3023 or Jonna Manes (Media), 404-644-3014, both of Riverwood/
 (RVW)


CO: Riverwood International Corp. ST: Georgia IN: CST PAP SU:

MC -- DV002 -- 7758 10/01/93 11:38 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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